Tweet
World revolution. And that'd eb the Bolshevik Jewish conspiracy one.
-
-
I'll call on you if I need some particularly telling cutting remarks...Originally posted by paiktis22
I'm quite adept at beating my own clan down. If you want just ask me to.Comment
-
GP, don't you think the accounting principles of GAAP vs IAS have anything to do with this? I've been told quite often that GAAP is based too much on very specific rules that are easily circumvented, while IAS is based on broad principles.DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.Comment
-
Cigar to Colon.Originally posted by Colon
GP, don't you think the accounting principles of GAAP vs IAS have anything to do with this? I've been told quite often that GAAP is based too much on very specific rules that are easily circumvented, while IAS is based on broad principles.
And after Worldcom, the EU will definitely focus on IAS.
Some years ago we thought about harmonizing our rules to the american model.
After the new scandal, this will not happen.Comment
-
and the problem is all those reams that can be found and explored in the american specific auditing rules.Comment
-
Maybe. I don't know enough to say. Your comparison is news to me. Why I wanted to draw out BC...Originally posted by Colon
GP, don't you think the accounting principles of GAAP vs IAS have anything to do with this? I've been told quite often that GAAP is based too much on very specific rules that are easily circumvented, while IAS is based on broad principles.Comment
-
I don't have great texts on this. But chapter 13 of Valuation by Copeland has some comments about the differences in accounting standards. Looking at it now...Comment
-
Its the central guiding principle pretty much - If accounts do not show the position and performance of company in an unbiased, factually correct and complete manner they are misleading to the users of the accounts.Originally posted by GP
I'm not familiar with "true and fair".
Regardless of acceptable treatments, a treatment that leads to the "truth and fairness" must be used.
In this case, WorldCom are following (dubiously) acceptable standards - but are not correctly reflecting the company's performance and position. Hence the problems now.One day Canada will rule the world, and then we'll all be sorry.Comment
-
Called "Treu und Glauben" in German IIRC, there's no real defintion for it though!
The relevant paragraph in the law book just says that deals have to be carried out under that condition
Comment
-
If you defined it, then it could be circumvented.Originally posted by Ecthelion
Called "Treu und Glauben" in German IIRC, there's no real defintion for it though!
One day Canada will rule the world, and then we'll all be sorry.Comment
-
All UK listed companies will have to prepare accounts based on the IAS by 2005.Originally posted by paiktis22
And after Worldcom, the EU will definitely focus on IAS.
Some years ago we thought about harmonizing our rules to the american model.
After the new scandal, this will not happen.One day Canada will rule the world, and then we'll all be sorry.Comment
-
Yes, but how often will they be posted? Quarterly, Semi Annually, or Annually?“It is no use trying to 'see through' first principles. If you see through everything, then everything is transparent. But a wholly transparent world is an invisible world. To 'see through' all things is the same as not to see.”
― C.S. Lewis, The Abolition of ManComment
-
All EU countries will have to. Its a EU "command!"Originally posted by Sagacious Dolphin
All UK listed companies will have to prepare accounts based on the IAS by 2005.
Comment
-
2 years ago we were going to the american model though...Comment
-
GP, I think it's pretty much what Dolphin said. GAAP goes too much into details and forgets about principles.
BTW, I know it has been some time ago, but would you mind continuing that discussion we had about offloading assets in the NASDAQ thread? (I know, I didn't reply anymore)DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.Comment
Comment